New regulations in mainland China to rectify refusal to accept cash will take effect in February next year

The People's Bank of China, the National Development and Reform Commission, and the Financial Regulatory Administration have formulated the "Regulations on Cash Receipt and Payment Services in Renminbi," which will take effect in February next year, aimed at preventing and rectifying the refusal to accept cash in Renminbi.

The regulations state that charging units and operating entities should respect the public's right to choose legal payment methods autonomously. They must not refuse cash, require or induce others to refuse cash, or take discriminatory measures against cash payments that hinder the convenience of cash payments, except in cases where non-cash payment tools are required due to legal obligations or statutory duties.

The regulations point out that if the public holds a large number of coins or small denomination banknotes for payment, exceeding normal counting capacity, charging units and operating entities must negotiate a solution or guide them to exchange for suitable denominations at banking financial institution outlets before payment, and they cannot refuse cash on this basis. The People's Bank of China, together with the National Development and Reform Commission, will publicly disclose violations punished for refusing to accept cash in accordance with laws and regulations